DiegoDiego Posted July 17, 2021 Share Posted July 17, 2021 Every bitcoin transaction needs to be verified. In traditional finance this is done centrally by visa or whomever. In decentralised finance it's verified by special users on the system called nodes.Which node gets to verify the transaction? Just allocate it at random, right? The problem is that it's very easy to suddenly set up billions of virtual nodes and take control of the system, stealing everyone's assets.To get around this bitcoin uses a system called proof of work. Each node must prove its legitimacy by solving a complex problem. The work required to do this makes it nigh on impossible for any one actor to have undue influence as it takes a lot of energy. If your node does the work then it does the small task of verifying the transaction. As a reward for all this effort, the system gives you a fraction of a newly minted bitcoin.With the exponential expansion of bitcoin people have realised this is a bit of an issue and neither virtuous nor scalable, so other coins use different systems which use a tiny amount of the energy proof of work does.Hope that's clear enough! 1 Quote Link to comment Share on other sites More sharing options...
RH33 Posted July 17, 2021 Share Posted July 17, 2021 8 minutes ago, DiegoDiego said: Every bitcoin transaction needs to be verified. In traditional finance this is done centrally by visa or whomever. In decentralised finance it's verified by special users on the system called nodes. Which node gets to verify the transaction? Just allocate it at random, right? The problem is that it's very easy to suddenly set up billions of virtual nodes and take control of the system, stealing everyone's assets. To get around this bitcoin uses a system called proof of work. Each node must prove its legitimacy by solving a complex problem. The work required to do this makes it nigh on impossible for any one actor to have undue influence as it takes a lot of energy. If your node does the work then it does the small task of verifying the transaction. As a reward for all this effort, the system gives you a fraction of a newly minted bitcoin. With the exponential expansion of bitcoin people have realised this is a bit of an issue and neither virtuous nor scalable, so other coins use different systems which use a tiny amount of the energy proof of work does. Hope that's clear enough! You could've to typed that in Russian and I'd have understood about as much of it. Bit thank you for taking time to reply! 1 Quote Link to comment Share on other sites More sharing options...
Lurkst Posted July 17, 2021 Share Posted July 17, 2021 44 minutes ago, RH33 said: Can someone explain how crypto gets mined? In a nutshell it's electronic "mining" that uses a lot of computing power and therefore generates a large carbon footprint. 0 Quote Link to comment Share on other sites More sharing options...
Lurkst Posted July 17, 2021 Share Posted July 17, 2021 I'd forward this to my MMGW denying dad but it'd ruin his birthday... https://www.bbc.co.uk/iplayer/episode/p09pds8z/ros-atkins-on-the-north-america-heatwaves 0 Quote Link to comment Share on other sites More sharing options...
Miguel Sanchez Posted July 17, 2021 Share Posted July 17, 2021 I've thought of a way to make bitcoin mining more efficient. I shall carry some out and then produce the results after hitting return. 1 Bitcoin. There you go. Took almost no time or energy at all! I trust I am now rich. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted July 17, 2021 Share Posted July 17, 2021 31 minutes ago, RH33 said: You could've to typed that in Russian and I'd have understood about as much of it. Bit thank you for taking time to reply! Mining bitcoin is like solving a very complicated riddle, it takes an enormous amount of processing power, whole warehouses full of computers whirring away, and then you have to keep them cool. It uses an vast amount of electricity. 0 Quote Link to comment Share on other sites More sharing options...
Zen Archer (Raconteur) Posted July 17, 2021 Share Posted July 17, 2021 34 minutes ago, welshbairn said: Mining bitcoin is like making love to a beautiful woman. 1 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted July 17, 2021 Share Posted July 17, 2021 1 hour ago, DiegoDiego said: Every bitcoin transaction needs to be verified. In traditional finance this is done centrally by visa or whomever. In decentralised finance it's verified by special users on the system called nodes. Which node gets to verify the transaction? Just allocate it at random, right? The problem is that it's very easy to suddenly set up billions of virtual nodes and take control of the system, stealing everyone's assets. To get around this bitcoin uses a system called proof of work. Each node must prove its legitimacy by solving a complex problem. The work required to do this makes it nigh on impossible for any one actor to have undue influence as it takes a lot of energy. If your node does the work then it does the small task of verifying the transaction. As a reward for all this effort, the system gives you a fraction of a newly minted bitcoin. With the exponential expansion of bitcoin people have realised this is a bit of an issue and neither virtuous nor scalable, so other coins use different systems which use a tiny amount of the energy proof of work does. Hope that's clear enough! I'm going to change my vote on the Illusory Superiority on P&B thread... 0 Quote Link to comment Share on other sites More sharing options...
Moomintroll Posted July 17, 2021 Share Posted July 17, 2021 2 hours ago, WhiteLight said: China has the largest net output of renewable energy on the planet by far in producing over a third of the worlds “green” energy. China produces the largest overall total of carbon emissions, but The US has the highest net output of carbon emissions phop on the planet. The US remains dash for coal to create jobs and are not party to international agreement. They do make up their own rules of course. In their drive to provide electricity to every home in their ten year plan, China was sold (ripped off) old coal fired technology by the big 5 western IP holders. I worked for one of them and our design was used in 50% of new generating capacity, which equalled a quarter of the worlds generating capacity. Since then they have moved on at great pace developing world leading renewable technology with the planet’s single biggest green energy output. We fucked over the Chinese in the beginning, probably to mutual suitability at the time, but they came back with a vengeance and now the world leaders in green technology. We are too blinded by greed to learn. Turning an easy buck is our God, whilst government very badly try to convince us all they are “green”, when what they really mean is greenback! Interesting info, cheers for that. Goes without saying that the US are right up there in the cuntage stakes, I would have put the Danes as World leaders especially in Wind but was aware that China are very strong in Solar especially. 0 Quote Link to comment Share on other sites More sharing options...
RH33 Posted July 17, 2021 Share Posted July 17, 2021 2 hours ago, welshbairn said: Mining bitcoin is like solving a very complicated riddle, it takes an enormous amount of processing power, whole warehouses full of computers whirring away, and then you have to keep them cool. It uses an vast amount of electricity. I knee took computers and cooking them, that I get. I just don't get what they're doing lol 0 Quote Link to comment Share on other sites More sharing options...
Shandon Par Posted July 17, 2021 Share Posted July 17, 2021 3 minutes ago, RH33 said: I knee took computers and cooking them, that I get. I just don't get what they're doing lol I have no fucking clue what's going on here. Mining something something. Weather. Computers. 0 Quote Link to comment Share on other sites More sharing options...
Funky Nosejob Posted July 17, 2021 Share Posted July 17, 2021 3 hours ago, RH33 said: Can someone explain how crypto gets mined? This guy is an annoyingly smug w****r, but he does explain it fairly well. 1 Quote Link to comment Share on other sites More sharing options...
RH33 Posted July 17, 2021 Share Posted July 17, 2021 20 minutes ago, Shandon Par said: I have no fucking clue what's going on here. Mining something something. Weather. Computers. I much prefer another kinda mining .... 0 Quote Link to comment Share on other sites More sharing options...
Stellaboz Posted July 17, 2021 Share Posted July 17, 2021 I much prefer another kinda mining ....Minecraft aye? 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted July 17, 2021 Share Posted July 17, 2021 Crypto would still be for wanks even if it was carbon neutral imo. Weirdos and libertarians. Give me the reptilians at the Bank of England any day of the week. The Bank of England who are looking into launching their own crypto? 0 Quote Link to comment Share on other sites More sharing options...
101 Posted August 2, 2021 Author Share Posted August 2, 2021 Outstanding reporting here of what is a truly staggering wildfire. 1 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted August 2, 2021 Share Posted August 2, 2021 I was just thinking get the f**k out of there you stupid bint. 0 Quote Link to comment Share on other sites More sharing options...
Theroadlesstravelled Posted August 2, 2021 Share Posted August 2, 2021 Get some wawter on that ASAP. 0 Quote Link to comment Share on other sites More sharing options...
101 Posted August 2, 2021 Author Share Posted August 2, 2021 8 hours ago, welshbairn said: I was just thinking get the f**k out of there you stupid bint. Got some great shots and didn't get stuck so all good. 0 Quote Link to comment Share on other sites More sharing options...
101 Posted August 6, 2021 Author Share Posted August 6, 2021 Dixie Fire has also now made it into the top 3 largest fires in California absolutely bonkers 0 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.